Futures track stronger JSE and US tech-stock rally
South African futures tracked the higher JSE on Monday, boosted further by a rally in tech stocks that lifted US equities.
The JSE all share closed 1.54% higher at 51,615.90 points and the blue-chip top 40 gained 1.95%, after some miners and industrials gained on a weaker rand.
Industrials were further boosted by a strong performance from Naspers‚ which rose nearly 4%, supported by brisk trading in its Chinese investment, Tencent‚ which gained 2.27% in Hong Kong trade.
Food and drug retailers rose 2.40%‚ resources 2.02%‚ industrials 1.93%‚ platinums 1.01%‚ financials 0.46% and banks 0.24%. The gold index shed 3.42%‚ while property was flat.
At 5.42pm all the major European bourses were higher, with the FTSE 100 up 0.97%, the CAC 40 1.16% and the DAX 1.21%.
The Dow Jones industrial average was up 0.48% and the Nasdaq 1.19%.
Dow Jones Newswires reported that equities were boosted by sentiment from New York Federal Reserve president William Dudley that the current period of expansion in the US economy — already the third-longest in history —still had "a long way to go".
There is still market scepticism over the Fed’s view that growth rates will allow for a third rate increase in 2017 and another three in 2018.
Investors were still eyeing "growth stocks" such as technology giants, rather than value-based stocks such as industrials, the newswire said.
In the early evening the gold price was 0.42% lower at $1‚248.12 an ounce on the stronger dollar while platinum was flat at $926.71.
The local near-dated, top-40 Alsi futures index was up 1.81% at 45,696 points. The number of contracts traded was 34,743 from Thursday’s 28,504.
The rand was at R12.9477 to the dollar from R12.7844.